PKC Group Investor Presentation 2009 · 2014. 6. 9. · PKC Group Oyj FY 2009 Investor Presentation...
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PKC Group Oyj FY 2009 Investor Presentation 18th of February 2010
Transcript of PKC Group Investor Presentation 2009 · 2014. 6. 9. · PKC Group Oyj FY 2009 Investor Presentation...
PKC Group OyjFY 2009
Investor Presentation 18th of February 2010
1-12/09 Highlights
� Net sales amounted to EUR 201.8 million (311.7 million), down 35.3% compared to 1-12/08.
� Operative expenses (without material and one-time expenses) were EUR 72.4 million (101.4 million) down 28.5%.
� Depreciation amounted to EUR 11.0 million (9.4 million).
� Operating profit totalled EUR 0.7 million (21.0 million), accounting for 0.3% (6.7%) of net sales. The result is burdened by expenses of EUR 4.3 million resulting from rationalisation measures.
� Profit for the report period totalled EUR 2.3 million (5.6 million).
1-12/09 Highlights
� Earnings per share were EUR 0.13 (0.31).
� Cash flows after investments were EUR 38.3 million.
� Gearing 35.9% (75.7%). Net debt EUR 28.2 million (59.5 million).
� A dividend of EUR 0.40 (0.15) per share will be proposed.
Key Figures, 1-12/09
Net sales (EUR 1,000)
EBIT (EUR 1,000)
% of net sales
Net result (EUR 1,000)
EPS, (EUR)
ROI, %
Net debt (EUR million)
Gearing, %
Average numberof employees
-35.3
-96.8
-57.8
-52.5
-19.9
Change %
201,814
682
0.3
2,349
0.13
6.4
28.2
35.9
4,478
1-12/09 1-12/08
311,713
21,039
6.7
5,567
0.31
20.8
59.5
75.7
5,588
Cost Savings, 1-12/09
Net sales
Staff expenses
Other operating expenses
Non-recurring expenses
Operating expenses excl.
one-time expenses
-35.3
-29.8
-32.2
-28.5
Change %
201,814
53,384
23,355
- 4,300
72,439
1-12/09 1-12/08
311,713
76,049
34,427
- 9,100
101,376
(EUR 1,000)
Net Sales, pro forma
288.6 311.7
201.8
65.8
0
50
100
150
200
250
300
350
400
2007 2008 2009
PKC Sales M AN WH sales
Down 46.5%
EUR million
Personnel at the end of 2009
0
100
200
300
400
500
600
700
800
900
China Finland Brazil NorthAmerica
Russia Poland Estonia
Number of employees
4,077 employees in total
Development of the Number of Personnel
Number of employees
0
1 000
2 000
3 000
4 000
5 000
6 000
2005 2006 2007 2008 2009
Key Figures, 1-12/09
Wiring Harnesses
Net sales (EUR 1,000)
EBIT (EUR 1,000)
% of net sales
Electronics
Net sales (EUR 1,000)
EBIT (EUR 1,000)
% of net sales
-39.4
-19.5
-59.5
Change %
149,316
-3,894
-2.6
52,497
4,575
8.7
1-12/09 1-12/08
246,487
9,744
4.0
65,226
11,295
17.3
Net Sales
EUR million
70.0 85.153.8
73.788.6
45.8
66.9
73.4
46.8
78.1
64.7
55.4
0
50
100
150
200
250
300
350
2007 2008 2009
Q1 Q2 Q3 Q4
-35.3%
Net Sales by Geographical Segments
EUR million
40.5
153.7 151.7
99.9
30.7 33.4
18.9
36.1 48.5
26.5
13.719.4
16.0
54.4 58.6
0
50
100
150
200
250
300
350
2007 2008 2009
Finland Other Europe North America South America Other countires
Operating Profit
EUR million
0.1
9.6
-5.6
6.0
3.6
-3.9
9.3
6.57.3 7.6
6.8
2.6
-8
-6
-4
-2
0
2
4
6
8
10
12
2007 2008 2009
Q1 Q2 Q3 Q4
Operating Profit, pro forma
28.2
21.0
0.7
9.1
4.3
11.1
0
5
10
15
20
25
30
35
40
45
2007 2008 2009
OP Non Recurring Exp. MAN WH Pro Forma OP
EUR million
Earnings per share (EPS)
EUR
0.24 0.26
-0.20
0.30
0.41
-0.25
0.250.17
0.39
0.19 0.18
-0.53-0.6
-0.4
-0.2
0
0.2
0.4
0.6
2007 2008 2009
Q1 Q2 Q3 Q4
Return on investment (ROI)
%
20.8
6.4
22.6
0
5
10
15
20
25
2007 2008 2009
Return on Equity (ROE)
%
6.7
22.6
3.0
0
5
10
15
20
25
2007 2008 2009
Equity Ratio and Gearing
47.241.9
49.2
54.5
75.7
35.9
0
10
20
30
40
50
60
70
80
2007 2008 2009
Equity ratio Gearing
%
Capex
EUR million
10.8
5.8 3.9
21.6
0
5
10
15
20
25
30
2007 2008 2009
Replacement investments Acquisition
Cash flows after investments
EUR million
-6.2
38.3
0.2
-10
-5
0
5
10
15
20
25
30
35
40
45
2007 2008 2009
R&D Expenditures
%
5.55.8
5.5
0
1
2
3
4
5
6
7
2007 2008 2009
R&D Personnel
Number of employees
90
101
114
0
20
40
60
80
100
120
2007 2008 2009
Wiring Harnesses
� Net sales amounted to EUR 149.3 million (246.7 million) and was 39.4% less than in 1-12/08.
� The segment’s share of consolidated net sales was 74.0% (79.1%).
� Operating profit was EUR 3.9 million negative (9.7 million positive), equivalent to 2.6% negative (4.0% positive) of the segment’s net sales.
� The result is burdened by expenses of EUR 4.3 million resulting from rationalisation measures.
Wiring Harnesses, Net Sales
58.1 69.341.7
59.869.3
33.1
50.2
57.0
34.2
62.050.8
40.3
0
50
100
150
200
250
300
2007 2008 2009
Q1 Q2 Q3 Q4
EUR million
Wiring Harnesses, Operating Profit
EUR million
-0.6
5.6
-6.3
3.9
2.0
4.6
-6.2
1.0
4.9
7.0
5.13.3
-8
-6
-4
-2
0
2
4
6
8
2007 2008 2009
Q1 Q2 Q3 Q4
Market Development of Wiring Harness Segment
� Deliveries of and new orders for heavy-duty trucks fell significantly in all our markets compared with the previous year.
� The number of registrations halved in our main market, Europe.
� Sales of agricultural tractors in Europe went down by about a quarter on the previous year.
� Deliveries to the machine construction industry in Europe remained at about two-fifths of what they had been a year before.
� Signs of a gradual recovery in the market are reflected in the fact that during the last quarter there was an increase in orders for new trucks received by our main customers in Europe and Latin America that exceeded the average production levels of 2009.
Market Development of Wiring Harness Segment
� The number of deliveries and new orders in South America fell byapproximately a third on the previous year. A sign of recovery in the South American markets is reflected in the fact that the number of orders for trucks received by our customers exceeded the number of deliveries in the second half of the year.
� In North America deliveries of recreational commodities and the value of new orders received by our customers were down by around 50% on the previous year.
Order Intake and PKC Wiring Harness Net Sales
Source: MAN, Volvo, Scania and PKC
-5 000
5 000
15 000
25 000
35 000
45 000
55 000
65 000
75 000
Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09
0
10
20
30
40
50
60
70
80
Order intake Volvo & Scania, Europe (units)Order intake Volvo & Scania & MAN, Europe (units)PKC WH, net sales
Trucks, units PKC WH net sales, EUR million
Source: Volvo.com
Volvo Group’s Net Truck Orders in Europe
-10 000
0
10 000
20 000
30 000
40 000
50 000
60 000
Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09
Trucks, units
Source: Scania.com
Scania’s Order Bookings and Deliveries, Trucks
0
5 000
10 000
15 000
20 000
Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09
Order bookings, trucks Trucks delivered
Trucks, units
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
2007 2008 2009
0
50
100
150
200
250
Deliveries, Europe + Brazil (Units) PKC WH, net sales
Truck Deliveries Europe + Brazil and PKC Wiring Harness Net Sales
Source: MAN, Volvo, Scania and PKC
VW Brazil is not included
30 EUR millionpotential
Trucks, units Net sales, EUR million
Q4 Truck Orders suggests increase for PKC
Source: MAN, Volvo, Scania and PKC
VW Brazil is not included
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
2007 2008 2009
0
50
100
150
200
250
Deliveries, Europe + Brazil (Units) Order intake 4*Q4 (Units)
PKC WH, net sales
Trucks, units Net sales, EUR million
Source: Volvo.comAB Volvo, Fourth Quarter 2009
Heavy-duty Truck Market, Europe(EU Members + Switzerland and Norway)
Electronics
� Net sales of the whole year amounted to EUR 52.5 million (65.2 million) and was 19.5% less than in 1-12/08.
� The segment’s share of consolidated net sales was 26.0% (20.9%).
� Operating profit was EUR 4.6 million (11.3 million), equivalent to 8.7% (17.3%) of the segment’s net sales.
Electronics, Net Sales
11.9 15.8 12.1
13.9
19.3
12.7
16.8
16.4
12.7
16.1
13.9
15.1
0
10
20
30
40
50
60
70
2007 2008 2009
Q1 Q2 Q3 Q4
EUR million
Electronics, Operating Profit
EUR million
1.5
2.3
0.7
1.8
4.5
0.7
4.3
2.12.2 2.3
1.61.7
0
1
2
3
4
5
2007 2008 2009
Q1 Q2 Q3 Q4
Market Development of the Electronics Segment
� Weakening of the global economics and market uncertainty manifested themselves in the Electronics business as a decliningdemand for services and increased unpredictability.
� Apart from in the Asian markets, industrial investments fell substantially, which in turn cut the number of the Group’s deliveries of industrial electronics by about a fifth.
Outlook for the Future
� There is cautious optimism in the European truck market. Signs of a gradual recovery in the market are reflected in the fact that in the last quarter there was an increase in orders for new trucks received by our main customers in Europe and Latin America that exceeded the average production levels of 2009. Production volumes of trucks are clearly increasing in Brazil.
� We also estimate that demand for electronics design and manufacturing services will strengthen compared with last year. PKC’s Electronics business will probably see its most substantial growth this year in China.
Outlook for the Future
� We predict that the full-year net sales will increase moderately and that the operating profit will improve substantially on the previous year.
� PKC's balance sheet, liquidity and good customer relationships all enable improvement in PKC's relative competitive position.
Households58.4 %
Corporations9.7 %
Financial and
insurance corporations
6.9 %
Non-profit institutions
2.4 %
Public institutions
7.1 %
Foreign countries
and nominee registered
15.5 %
Shareholders 31 December, 2009
AS Harju Elekter 8.3Takanen Jorma 7.2Ilmarinen Mutual Pension Insurance Company 4.8
Laakkonen Mikko 3.5OP-Finland Small Firms Fund 2.2Ravaska Veikko 1.9Varma Mutual Pension Insurance Company 1.9
Special Mutual Fund Avenir (non-UCITS) 1.7Eestilä Matti 1.7Suutari Harri 1.6Nordea Nordic Small Cap Fund 1.4
Laakkonen Hannu 1.2Fim Forte Sijoitusrahasto 0.9Erikoissijoitusrahasto Fourton Fokus Suomi 0.8Fim Fenno Sijoitusrahasto 0.8
Total 40.0%
Major shareholders Distribution of share ownership
7,336 owners
Thank You!
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